Feature

Cruising to Retirement

Life-cycle funds hold clear appeal for hands-off investors. Here's what to look for when choosing one.

IF MILLIONS OF US ARE GOING TO LIVE to be 85 or 100 or even older -- distinct possibilities in these times of rapid advances in medicine -- we're going need to do some fancy footwork in the financial-planning department, right?

Well, no, actually. For many folks, there's a remarkably simple and effective way to invest for the long term: Plunk your money in a "life-cycle" mutual fund. These funds, which first appeared in 1994 and are now offered by some 30 fund complexes, offer exposure to stocks, bonds and cash...